<p><strong>英伟达</strong>(NVDA) 和 <strong>博通</strong>(AVGO -2.69%) 在人工智能 (AI) 半导体市场上确立了他们的主导地位。这两家芯片设计公司在各自的 AI 芯片细分市场中都是主导者，这也解释了他们为何能够实现稳健的增长。</p>
<p>英伟达和博通最新的季度报告清楚表明，这两家公司在 AI 芯片领域远超同行，如 <strong>超微</strong> 和 <strong>英特尔</strong>。但如果你现在必须在这两只半导体股票中选择一只，以便抓住快速增长的 AI 芯片市场，你应该选择哪一只呢？</p>
<p>让我们来找出答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NjUvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2VudHJhbC1wcm9jZXNzaW5nLXVuaXQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NjUvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2VudHJhbC1wcm9jZXNzaW5nLXVuaXQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>支持英伟达的理由</h2>
<p>英伟达在用于处理 AI 工作负载的数据中心的 AI 图形处理单元 (GPU) 市场中占据主导地位。其显卡在训练大型语言模型 (LLM) 中发挥了重要作用，该公司的芯片现在也被用于 AI 推理应用。Jon Peddie Research 估计，英伟达在上个季度末控制了全球 GPU 市场的惊人 94%。英伟达在这一市场的强大控制力可以归因于两个因素。</p>
<p>首先，该公司在技术上优于竞争对手。三年前，它通过提供 A100 GPU 来训练 ChatGPT 而声名鹊起，并且自那时以来定期更新其产品。A100 是在该公司的 7 纳米 (nm) 安培平台上制造的。随后，它推出了基于 5nm 节点的 H100 Hopper GPU，并且在处理 AI 工作负载方面取得了巨大的成功。</p>
<p>现在，其最新一代的 Blackwell 处理器据说比 Hopper 处理器快 2.5 倍。竞争对手 AMD 一直在追赶，但迄今为止未能对英伟达的地位造成显著影响。</p>
<p>这引出了英伟达 AI 主导地位的第二个原因。其代工伙伴 <strong>台积电</strong> 将其制造能力的最大部分分配给英伟达。台积电为所有领先的 AI 芯片设计公司制造芯片，包括博通，但第三方报告显示，这家代工巨头已为英伟达保留了 70% 的先进芯片制造能力。</p>
<p>因此，英伟达处于一个绝佳的位置，以满足预计到 2030 年将产生 3.1 万亿美元增量收入的庞大 AI 芯片市场。重要的是，英伟达的主导地位正在转化为令人印象深刻的财务增长。该公司在当前财政年度的前六个月内产生了 908 亿美元的收入，比去年同期增长了 62%。</p>
<p>分析师预计，英伟达将在 2026 财年结束时实现 2060 亿美元的收入，这将比去年增长 58%。好的一点是，考虑到 AI 芯片市场的万亿机会以及公司在这一领域保持健康份额的能力，它能够在长期内维持健康的增长水平。所有这些都表明，英伟达可以在很长一段时间内保持顶级 AI 股票的地位。</p>
<h2>支持博通的理由</h2>
<p>除了 GPU，应用特定集成电路 (ASIC) 在 AI 数据中心中也获得了稳固的关注。这些芯片可以定制以执行特定任务，而 GPU 是通用计算芯片。ASIC 的定制特性使其能够以更高的效率和功率执行其编程的任务。</p>
<p>主要的云计算和 AI 公司现在正在大力投资定制 AI 处理器，以降低运营成本，其中大多数公司正在寻求博通的帮助来设计这些芯片。博通据说控制了 70% 的 ASIC 市场。这也解释了其增长为何如此出色。</p>
<p>该公司的 AI 收入在上个季度同比激增 63%，达到 52 亿美元。这推动其整体收入同比增长 22%，达到 160 亿美元。博通预计在当前财政年度的 AI 收入将达到 200 亿美元，较去年 122 亿美元有所增长。根据华尔街分析师的预测，明年的 AI 收入预计将翻倍，这并不令人惊讶，因为它已开始向第四个客户交付定制 AI 芯片。</p>
<p>OpenAI 被认为是博通最新的定制 AI 处理器客户，上个季度下了 100 亿美元的订单。考虑到该公司正在与另外三家云超大规模客户合作开发 AI ASIC，博通在长期内大幅增长其 AI 收入的空间巨大。</p>
<p>毕竟，管理层在今年早些时候指出，仅来自前三个超大规模客户的可服务可寻址市场 (SAM) 在未来三年内将价值 600 亿到 900 亿美元。新客户的潜在增加可能会扩大这一可寻址机会，并帮助博通在长期内显著增加其 AI 收入，考虑到其在这一领域的稳固份额。</p>
<p>毫不奇怪，分析师们显著提高了他们的收入增长预期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bec66570ccf83f7c80498f94e69bb738.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bec66570ccf83f7c80498f94e69bb738.png"/></p>
<p>数据来源：YCharts。</p>
<h2>结论</h2>
<p>博通和英伟达在各自的 AI 芯片细分市场中控制了相当大的份额，这就是它们有望实现显著增长的原因。然而，这两只股票中有一只明显比另一只便宜。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8432ad43a9ae214df2a1cab963dc2e91.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8432ad43a9ae214df2a1cab963dc2e91.png"/></p>
<p>数据来源：YCharts。</p>
<p>英伟达的盈利倍数低于博通，尽管英伟达的底线增长速度远快于博通。英伟达在上个季度报告了 54% 的同比盈利增长，远高于博通报告的 36% 增长。因此，寻求价值与增长结合的投资者可以考虑现在购买英伟达。</p>
<p>但与此同时，博通健康的人工智能收入管道可能使其能够证明当前的溢价交易，这也是为什么风险偏好较高的投资者可以考虑将这只成长股纳入他们的投资组合的原因。</p>

英伟达

博通

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>英伟达和博通是人工智能半导体市场的领先企业，各自在不同的细分领域表现出色。英伟达主导着 GPU 市场，控制了 94% 的市场份额，并且收入增长了 62%，预计到 2026 财年将达到 2060 亿美元。博通在 ASIC 市场占据强势地位（70% 的市场份额），其人工智能收入增长了 63%，达到了 52 亿美元。这两家公司在不断扩大的人工智能芯片市场中都处于良好的增长位置，英伟达专注于 GPU，而博通则专注于云计算的定制 ASIC</p>

<p><strong>Nvidia</strong>(NVDA) and <strong>Broadcom</strong>(AVGO -2.69%) have stamped their dominance on the artificial intelligence (AI) semiconductor market. Both chip designers are the dominant players in their respective AI chip niches, and that explains why they have been clocking solid growth.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA) 和 <strong>博通</strong>(AVGO -2.69%) 在人工智能 (AI) 半导体市场上确立了他们的主导地位。这两家芯片设计公司在各自的 AI 芯片细分市场中都是主导者，这也解释了他们为何能够实现稳健的增长。</p>
</div><p>The latest quarterly reports of Nvidia and Broadcom make it clear that the two companies are head and shoulders above their peers, such as <strong>Advanced Micro Devices</strong> and <strong>Intel</strong>, in AI chips. But if you have to buy one of these two semiconductor stocks right now to capitalize on the fast-growing AI chip market, which one should it be?</p>
<div class="lb-trans"><p>英伟达和博通最新的季度报告清楚表明，这两家公司在 AI 芯片领域远超同行，如 <strong>超微</strong> 和 <strong>英特尔</strong>。但如果你现在必须在这两只半导体股票中选择一只，以便抓住快速增长的 AI 芯片市场，你应该选择哪一只呢？</p>
</div><p>Let's find out.</p>
<div class="lb-trans"><p>让我们来找出答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NjUvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2VudHJhbC1wcm9jZXNzaW5nLXVuaXQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832565%2Fartificial-intelligence-central-processing-unit.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The case for Nvidia</h2>
<div class="lb-trans"><h2>支持英伟达的理由</h2>
</div><p>Nvidia dominates the market for AI graphics processing units (GPUs) used in data centers for tackling AI workloads. Its graphics cards play an instrumental role in training large language models (LLMs), and the company's chips are now being deployed for AI inference applications as well. Jon Peddie Research estimates that Nvidia controlled a whopping 94% of the global GPU market at the end of the previous quarter. Nvidia's terrific grip over this market can be attributed to two factors.</p>
<div class="lb-trans"><p>英伟达在用于处理 AI 工作负载的数据中心的 AI 图形处理单元 (GPU) 市场中占据主导地位。其显卡在训练大型语言模型 (LLM) 中发挥了重要作用，该公司的芯片现在也被用于 AI 推理应用。Jon Peddie Research 估计，英伟达在上个季度末控制了全球 GPU 市场的惊人 94%。英伟达在这一市场的强大控制力可以归因于两个因素。</p>
</div><p>First, the company has a technological advantage over its rivals. It shot into the limelight by providing its A100 GPUs for training ChatGPT three years ago, and it has regularly updated its offerings since then. The A100 was manufactured on the company's 7-nanometer (nm) Ampere platform. It then launched the H100 Hopper GPU based on a 5nm node, and it became a runaway hit for handling AI workloads.</p>
<div class="lb-trans"><p>首先，该公司在技术上优于竞争对手。三年前，它通过提供 A100 GPU 来训练 ChatGPT 而声名鹊起，并且自那时以来定期更新其产品。A100 是在该公司的 7 纳米 (nm) 安培平台上制造的。随后，它推出了基于 5nm 节点的 H100 Hopper GPU，并且在处理 AI 工作负载方面取得了巨大的成功。</p>
</div><p>And now, its latest-generation Blackwell processors are said to be 2.5 times faster than the Hopper processors. Rival AMD has been playing catch-up, but it has been unable to make a significant dent in Nvidia's position so far.</p>
<div class="lb-trans"><p>现在，其最新一代的 Blackwell 处理器据说比 Hopper 处理器快 2.5 倍。竞争对手 AMD 一直在追赶，但迄今为止未能对英伟达的地位造成显著影响。</p>
</div><p>This brings us to the second reason behind Nvidia's AI dominance. Its foundry partner <strong>TSMC</strong> allocates the largest chunk of its manufacturing capacity to Nvidia. TSMC manufactures chips for all the leading AI chip designers, including Broadcom, but third-party reports indicate that the foundry giant has reserved 70% of its advanced chipmaking capacity for Nvidia.</p>
<div class="lb-trans"><p>这引出了英伟达 AI 主导地位的第二个原因。其代工伙伴 <strong>台积电</strong> 将其制造能力的最大部分分配给英伟达。台积电为所有领先的 AI 芯片设计公司制造芯片，包括博通，但第三方报告显示，这家代工巨头已为英伟达保留了 70% 的先进芯片制造能力。</p>
</div><p>So, Nvidia is in a terrific position to cater to the massive AI chip market that's expected to generate $3.1 trillion in incremental revenue through 2030. Importantly, Nvidia's dominance is translating into impressive financial growth. The company generated $90.8 billion in revenue in the first six months of the current fiscal year, up by 62% from the year-ago period.</p>
<div class="lb-trans"><p>因此，英伟达处于一个绝佳的位置，以满足预计到 2030 年将产生 3.1 万亿美元增量收入的庞大 AI 芯片市场。重要的是，英伟达的主导地位正在转化为令人印象深刻的财务增长。该公司在当前财政年度的前六个月内产生了 908 亿美元的收入，比去年同期增长了 62%。</p>
</div><p>Analysts expect Nvidia to end fiscal 2026 with $206 billion in revenue, which would be a 58% jump from last year. The good part is that it can sustain its healthy growth levels in the long run, considering the multitrillion-dollar opportunity in the AI chip market as well as the company's ability to maintain its healthy share of this space. All this suggests that Nvidia can remain a top AI stock for a long time to come.</p>
<div class="lb-trans"><p>分析师预计，英伟达将在 2026 财年结束时实现 2060 亿美元的收入，这将比去年增长 58%。好的一点是，考虑到 AI 芯片市场的万亿机会以及公司在这一领域保持健康份额的能力，它能够在长期内维持健康的增长水平。所有这些都表明，英伟达可以在很长一段时间内保持顶级 AI 股票的地位。</p>
</div><h2>The case for Broadcom</h2>
<div class="lb-trans"><h2>支持博通的理由</h2>
</div><p>Apart from GPUs, application-specific integrated circuits (ASICs) are also gaining solid traction in AI data centers. These chips can be customized to perform specific tasks, as opposed to GPUs, which are general-purpose computing chips. The custom nature of ASICs is the reason why they can perform the tasks they are programmed for with higher efficiency and power.</p>
<div class="lb-trans"><p>除了 GPU，应用特定集成电路 (ASIC) 在 AI 数据中心中也获得了稳固的关注。这些芯片可以定制以执行特定任务，而 GPU 是通用计算芯片。ASIC 的定制特性使其能够以更高的效率和功率执行其编程的任务。</p>
</div><p>Major cloud computing and AI companies are now investing significantly in custom AI processors to lower their operating costs, and most of them are tapping Broadcom to help them design these chips. Broadcom reportedly controls 70% of the ASIC market. This explains why its growth has been fantastic.</p>
<div class="lb-trans"><p>主要的云计算和 AI 公司现在正在大力投资定制 AI 处理器，以降低运营成本，其中大多数公司正在寻求博通的帮助来设计这些芯片。博通据说控制了 70% 的 ASIC 市场。这也解释了其增长为何如此出色。</p>
</div><p>The company's AI revenue shot up 63% year over year in the previous quarter to $5.2 billion. This drove its overall revenue up by 22% year over year to $16 billion. Broadcom is on track to finish the current fiscal year with $20 billion in AI revenue, up from $12.2 billion in the previous year. Next year, its AI revenue is expected to more than double as per Wall Street analysts, and that won't be surprising, as it has started shipping its custom AI chips to a fourth customer.</p>
<div class="lb-trans"><p>该公司的 AI 收入在上个季度同比激增 63%，达到 52 亿美元。这推动其整体收入同比增长 22%，达到 160 亿美元。博通预计在当前财政年度的 AI 收入将达到 200 亿美元，较去年 122 亿美元有所增长。根据华尔街分析师的预测，明年的 AI 收入预计将翻倍，这并不令人惊讶，因为它已开始向第四个客户交付定制 AI 芯片。</p>
</div><p>OpenAI is touted to be Broadcom's latest customer for custom AI processors, placing a $10 billion order last quarter. Given that the company is engaged with another three cloud hyperscale customers for developing AI ASICs, there is massive room for Broadcom to grow its AI revenue in the long run.</p>
<div class="lb-trans"><p>OpenAI 被认为是博通最新的定制 AI 处理器客户，上个季度下了 100 亿美元的订单。考虑到该公司正在与另外三家云超大规模客户合作开发 AI ASIC，博通在长期内大幅增长其 AI 收入的空间巨大。</p>
</div><p>After all, management pointed out earlier this year that its serviceable addressable market (SAM) from its first three hyperscale customers alone is going to be worth $60 billion to $90 billion in the next three years. The potential addition of new customers could increase that addressable opportunity and help Broadcom significantly multiply its AI revenue in the long run, considering its solid share of this space.</p>
<div class="lb-trans"><p>毕竟，管理层在今年早些时候指出，仅来自前三个超大规模客户的可服务可寻址市场 (SAM) 在未来三年内将价值 600 亿到 900 亿美元。新客户的潜在增加可能会扩大这一可寻址机会，并帮助博通在长期内显著增加其 AI 收入，考虑到其在这一领域的稳固份额。</p>
</div><p>Not surprisingly, analysts have significantly bumped their revenue growth expectations.</p>
<div class="lb-trans"><p>毫不奇怪，分析师们显著提高了他们的收入增长预期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bec66570ccf83f7c80498f94e69bb738.png" alt="" original-src="https://media.ycharts.com/charts/bec66570ccf83f7c80498f94e69bb738.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>Both Broadcom and Nvidia control a solid share of their respective AI chip niches, and that's why they are on track to clock remarkable growth. However, one of these two stocks is significantly cheaper than the other one.</p>
<div class="lb-trans"><p>博通和英伟达在各自的 AI 芯片细分市场中控制了相当大的份额，这就是它们有望实现显著增长的原因。然而，这两只股票中有一只明显比另一只便宜。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8432ad43a9ae214df2a1cab963dc2e91.png" alt="" original-src="https://media.ycharts.com/charts/8432ad43a9ae214df2a1cab963dc2e91.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Nvidia's earnings multiples are lower than Broadcom's, and that's despite the fact that Nvidia's bottom line is growing at a much faster pace. Nvidia reported a 54% year-over-year increase in its earnings last quarter, much higher than the 36% growth reported by Broadcom. So, investors looking for a mix of value and growth could consider buying Nvidia right now.</p>
<div class="lb-trans"><p>英伟达的盈利倍数低于博通，尽管英伟达的底线增长速度远快于博通。英伟达在上个季度报告了 54% 的同比盈利增长，远高于博通报告的 36% 增长。因此，寻求价值与增长结合的投资者可以考虑现在购买英伟达。</p>
</div><p>But at the same time, Broadcom's healthy AI revenue pipeline could allow it to justify the premium it is trading at, which is why investors with a higher appetite for risk can consider adding this growth stock to their portfolios as well.</p>
<div class="lb-trans"><p>但与此同时，博通健康的人工智能收入管道可能使其能够证明当前的溢价交易，这也是为什么风险偏好较高的投资者可以考虑将这只成长股纳入他们的投资组合的原因。</p>
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Better Artificial Intelligence (AI) Stock: Nvidia vs. Broadcom

- Nvidia 和 Broadcom 在人工智能半导体市场占据主导地位。  
- Nvidia 控制 94% 的全球 GPU 市场，预计 2026 财年收入将达 2060 亿美元。  
- Broadcom 控制 70% 的 ASIC 市场，AI 收入预计将从 122 亿美元增至 200 亿美元。  

哪只人工智能（AI）股票更好：NVIDIA 还是博通